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Mexico-U.S. Railway Link On Hold

TMM Shareholders Reject Selling
Rail Unit to Kansas City Southern

Dow Jones Newswires

Updated Aug. 19, 2003 12:01 a.m. ET

MEXICO CITY -- Grupo TMM SA, Mexico's largest transportation company, said its shareholders rejected the sale of its railway unit to Kansas City Southern, dumping plans to create the main rail corridor on the U.S.-Mexico border.

In a filing with the Mexican Stock Exchange, TMM said shareholders voted unanimously Monday against the planned sale of unit Transportacion Ferroviaria Mexicana, also known as TFM. The sale had been...